The “Credit Linked Subsidy Schemeβ (CLSS) under Pradhan Mantri Awas Yojana (PMAY) was introduced by the government of India. The PMAY subsidy scheme apprehended the vision of housing for all by the year 2022. Continuation of the PMAY scheme has been approved by the cabinet beyond the year 2019-20 up to 2021-22 in the next finance commission cycle, after due appraisal and approval based on third party evaluation of scheme/programme as per the extant procedure
The interest subsidy on purchase/ construction/ extension/ improvement of the house is provided to customers who belong to. the Economical Weaker Section /Lower Income Group /Middle Income Group. It has two components: PMAY Urban and also PMAY rural for the rural poor. This scheme is merged with other schemes to ensure that eligible families can enjoy basic facilities like electricity connection, LPG gas connection, and access to clean drinking water and banking facilities, etc.
PMAY makes the housing loan affordable as the subsidy provided on the interest component reduces the outflow of the loan. The housing loan EMI calculator gives a clear understanding of the amount to pay towards EMIs and helps make an informed decision about the outflow towards the housing loan.
The PMAY subsidy scheme also focuses on inclusion of additional eligible households from the final list into the permanent waitlist (PWL) of PMAY-R. The Ceiling of 1.95 Cr were on priority for those States / UTs where PWL is debilitated. With the approval of the rural development minister in consultation with the ministry of finance allocated target to these States/ UTs.
The Union Cabinet approved the fulfillment of Pradhan Mantri Awaas Yojana β Gramin (PMAY-G) beyond March 2019 (PMAY-G) Phase-II as follows:
The prolongation of the program management unit (PMU) and the National Technical Support Agency (NTSA) until 2019-20 is part of the PMAY subsidy scheme. By the year 2022, the left out rural households who are homeless and/or living in disrepair houses subject to a ceiling of 1.95 crores would be provided with pucca houses. The construction of 1.95 crore houses under PMAY-G Phase-II will get completed by the year 2022. For PMAY, apply online and avail the benefits the scheme has to offer.